Drive-Thru Convenience
For Sale
$350,000
400 S Air Depot Boulevard, Midwest City, OK 73110
Commercial Sale, Midwest City, OK
Property Size1,978 SF
Lot Size0.57 Acres
Price / SF$176.95
Days on Market157
Property Features for 400 S Air Depot Boulevard
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial
Directions
SE 15th and S. Air Depot Blvd, North to the property on the East side of the street.
Standard status
Active
APN
400SAirDepot73110
Size
1,978 SF
Lot size
0.57 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Amenities
dry basement storage
Building Details
Year built
1968
Floors in Building
1
Building materials
Concrete, Metal Siding
Listing Agency:
Dean Lemons & Associates
(405) 682-9505
Listed By:
Craig Ahrens · License #146322
(405) 503-0492
Added: Apr 18
Changed: Sep 3
Last Checked: Sep 21 at 10:06AM
MLS# 1224053
Copyright © 2026 MLSOK, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,978-square-foot convenience store property includes a customer sales area, two small offices, an existing drive-thru, and on-site shelving and racking. The main sales floor measures approximately 1,126 square feet, with an additional 180 square feet separated by a faux wall that could expand the showroom to approximately 1,300 square feet. A dry basement measuring approximately 888 square feet provides additional storage space. The refrigeration unit is currently not operable.
The property sits on 0.569 acres along a major north-south arterial in Midwest City, with reported traffic exceeding 20k vehicles daily. Parking accommodates over 30 vehicles, including 16 covered spaces, and the site has an existing pole sign. The building was constructed in 1968 and includes public water and public sewer service.
The property sits on 0.569 acres along a major north-south arterial in Midwest City, with reported traffic exceeding 20k vehicles daily. Parking accommodates over 30 vehicles, including 16 covered spaces, and the site has an existing pole sign. The building was constructed in 1968 and includes public water and public sewer service.
Key Highlights
- Approximately 1,978 square feet on a 0.569‑acre site
- Existing drive‑thru and pole sign
- Parking for over 30 vehicles, including 16 covered spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,878
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$417,560
$417.6K
Cap Rate 7%
$298,257
$298.3K
Cap Rate 9%
$231,978
$232.0K
Market Conditions
NOI Build-Up for 1,978 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$33.0K $16.68/SF
− Vacancy
−$3.2K −$1.60/SF
EGI
$29.8K $15.08/SF
− OpEx
−$8.9K −$4.52/SF
NOI
$20.9K $10.56/SF
Area
Oklahoma County, OK
Vacancy
9.60%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$417,560
Cap Rate 7%
$298,257
Cap Rate 9%
$231,978
Alternative Uses
Best Use
Retail
$298.3K
$261.0K – $348.0K
NOI $20,878 @ 7.0% cap · market cap 5.97%
Second Best
Specialty Retail
$297.2K
$260.1K – $346.8K
NOI $20,806 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$412.0K
$360.5K – $480.7K
NOI $28,839 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
177k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Apparel 23%
Groceries 10%
Superstores 7%
Ross Dress for Less
Apparel
23,201 visits/mo
0.3 miles
Braum's Ice Cream & Dairy Stores
Dining
20,471 visits/mo
0.4 miles
Aldi
Groceries
18,299 visits/mo
0.1 miles
Taco Casa
Dining
17,491 visits/mo
0.0 miles
SONIC Drive In
Dining
16,440 visits/mo
0.1 miles
Demographics for 73110, OK
33,156
Population
15,826
Households
2.1
Avg Household Size
35
Median Age
20%
College-Educated
91%
High-School Grad
15.5 sq mi
ZIP Area
2,139
Density / Sq Mi
$50,436
Median Household Income
$35,043
Median Earnings
$1,007
Median Rent
$119,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Existing retail improvements include covered parking, a pole sign, shelving, and a separate back-stock area.
Where is this grocery and convenience store located?
The property is located at 400 S Air Depot Boulevard Midwest City, OK.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approximately 1,978 square feet on a 0.569‑acre site; Existing drive‑thru and pole sign; Parking for over 30 vehicles, including 16 covered spaces
